Survey claims SME’s owed £63k on average

Survey claims SME’s owed £63k on average

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New research conducted by Commercial Data specialists Dun & Bradstreet has highlighted that the UK’s  late payment culture is continuing to have an are having an adverse affect on British Business.

The research also revealed that 11 percent of British Companies are owed a total of more than £100,000.

Key Business late payment findings

  • 51% say late payments are more of a problem than they were three years ago
  • 58% say late payments are putting the business at risk of failure
  • 58% of SME owners use personal savings to cover the shortfall from late payments
  • 36% of SMEs don’t credit check any customers

Business and Industry Finance Experts all recommend companies take immediate action where terms are breached.

Leading Debt Collection experts have warned that unless a more pragmatic approach is adopted by company chiefs, the problem will not go away.

 

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